sebi:AO/BJD/MAS/EAD/40/2017
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Facts / Headnote
Penalty imposed of Rs. 2,00,000 on the Noticee for violation of Regulation 31(1) read with Regulation 31(3) of SEBI (SAST) Regulations, 2011
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 31
- Reg. 31(1)
Parties
- M/s Expert Chemicals (India) Private Limited
Holding
The Noticee, being the promoter of Wanbury Limited, violated Regulation 31(1) read with Regulation 31(3) of the SEBI (SAST) Regulations, 2011 by failing to disclose the creation of encumbrance (pledge) of shares within seven working days to the stock exchanges, and is liable to a monetary penalty of Rs. 2,00,000 under Section 15A(b) of the SEBI Act for two instances of default.
Full text
Page 2 of 12 APPOINTMENT OF ADJUDICATION OFFICER 2. Based on the findings of the investigation, SEBI initiated Adjudication proceedings to inquire into and adjudge under Section 15A (b) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "SEBI Act") the alleged violation of the provisions of Regulation 31(1) read with Regulation 31 (3) of SEBI(Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as "SAST Regulations") by Expert Chemicals (India) Private Limited (hereinafter referred to as "Noticee") for failure to make disclosure of pledged shares in the scrip of Wanbury Limited to Stock Exchanges during the period March 2012 and September 2014.
Page 3 of 12 India Pvt. Ltd. had increased significantly as percentage of equity capital of the company from 4.14% in quarter ending June 2014 to 33.81% in quarter ending September 2014, as given hereunder:-
Page 4 of 12 2011 which, if established, make the Noticee liable for monetary penalty under Section 15A (b) of SEBI Act, 1992. DELIVERY OF THE SCN
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Source: SecMarx — sebi:AO/BJD/MAS/EAD/40/2017. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.